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Answered in 48 minutes by:
3/10/2011
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedGood Afternoon,
Firstly You have both breached your duties as trustees and are liable for the loss of the money.
Secondly the money was not invested for the benefit of your mother as the benefit was going to your sister and her husband.
Thirdly as trustees you should lodge a caveat on the house to protect the money that is your mothers.
Your sister and her husband are both liable for the money as it was placed in their account.
Your sister should step down as trustee and you should sue her and her husband for the funds to be returned.
If your mother who is the beneficiary of the trust decides to take you both on you are both liable to put the money back.
I am sorry but that is the law and all you can do is sue them both and also place a caveat on their house.
I hope this is of assistance and if so please click on the accept button.
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedLeon and 87 other Australia Law Specialists are ready to help you
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